know how to keep
these down okay so I want to try and
figure that out for me that would be incredible
so if you back yourself in to figure
it out I'll give you a candy bar if you
can do it so if anyone wants to get up and
volunteer that'd be awesome in the meantime
I actually want to make sure I'm in the right
room we're all here for managerial correct
I don't have anyone seen how I met your
mother but there's an episode where my
character Ted lectures in a class for 30
minutes without anyone talking and he's in
the wrong class so some people have nightmares
about rocking up to an exam and not knowing
anything on it. I have nightmares of
rocking up on the first day of class and being
in the wrong lecture hall. So I'm glad I'm
in the right place. So my name is
Professor Gronick. Since you've stuck
with me for the next four months, I wanted
to tell you a little bit about myself.
If you have any commonalities with me,
great, we can chat. So I'm a clinical
assistant professor here at Purdue
in economics. As you can tell by
the accent, I'm not originally from here. So
I was born in Melbourne, Australia, spent 30
years there before moving to Europe for
the past three years. So I spent time at the
University of Exeter, the Max Planck Institute
and at the University of Oxford doing my
postdoc and I moved over here in August. So this
is still technically my first year here
in the US. I taught behavioral economics
last semester and I'm teaching managerial
here for the first time. So I call myself an
experimental and a behavioral economist and
I conduct research the things that I'm interested
in are what motivates people to act
altruistically so why are people nice to others
why do they give to charity is it because
they genuinely care about the outcome they're
doing it because it makes them feel good
inside the warm fuzzies as we like to say or
is it due to social image people like to
do things so they look good in the eyes of
others so these questions really interesting
interest me in general I also like to work on on
cooperation especially cooperation between
generations and I do some work on morals
and markets specifically this idea of what
we call repugnant markets in economics so
we define a repugnant market as if there's
a transaction between two people that's
consensual and there's gains from trade but
third parties not involved in the transaction
actually willing to give up money and
resources to stop this from happening so the
canonical example that you're probably all
familiar with is a market for buying and selling
kidneys in fact there's only one country
in the world that allows legally for kidneys
to be bought and sold. Does anyone know
where that country is? Anyone want to
take a guess? No? It's Iran.
Iran is the only country right now
where that's legal. So what else to
know about me? I love my sports and
have actually been following the NFL
for 15 years. I'd wake up at 3 a.m.
back home to watch, so much better
time zones here. I'm a very sad
Baltimore Ravens fan, for those of you
in the know. You'll understand why. For
those who don't, sports are just misery.
Don't follow them. I recently learnt a few weeks ago that
I cannot ski. I tried skiing
for the first time, unmitigated
disaster. I love board games.
We're going to talk a bit about game theory
later in the semester. This is why I want
this down a bit more. For this it
doesn't matter, but I'm wondering, is there a
place to board this? Sorry, what's your name? Daniel. Daniel,
can you just have a crack at that and
see if you can get it working? that one
there because this is really frustrating
me and it will make a quality of
life difference to all of us if we can
get this working. Okay, there we go. You're not working?
Did you just pull it down all the
way? Yeah. Okay, fantastic. You're
better than me at that. Do you go?
Thank you. Yeah, so I love board games,
strategy games. Later in this course we're
going to talk about strategic interactions
and you'll see why I have the love for
these type of games. So if you're a chess
player I'll have a board in my office feel
free to stop by our office at any time
we can chat economics and we can play some
chess also has anyone actually been to
Australia here before by any chance got a few
people for those of you did he try Vegemite
any of you yeah well what's your name over
there TJ what did you think awful my
favorite thing in the world I'm gonna try
and get some sent over I'll try and bring it
to class and if you're brave enough TJ do
recommend people trying it? Absolutely
not. TJ's wrong, just failed the class, you
should try Vegemite. So what is
managerial economics? Before we attempt
to answer this question, we should
probably just define what economics is
in the first place. So for example, none
of you here I assume are econ majors,
that's why you're taking this course.
You go home and a family member or
friend says, oh what classes are you taking
this semester? You say econ and they
respond I'm saying, econ, that's the
study of money, right? How would you respond
to that answer? And I want you
to take a few moments to think
about two things. What would you
say economics is? Do you think the above
is wrong? And also, what other different
answers, whether right or wrong, have
you heard when people say economics, that's
the study of X? So take a few moments
to think about it. You can write
it down if you want. I'm lazy. I don't
write things down, so I don't expect
you to either. What's your name,
sorry? I'm Kevin. Kevin. Okay, so
Kevin, economics. That's the study
of money, right? No. No. What's economics
the study of? The study of making decisions.
Making decisions. That's the key thing.
There's a small caveat I'll need to put in
there. But economics has nothing to do
with money at the end of the day. We care
about decision making. So there are a ton
of things that people think economics is
about. And economics does like to intrude
on other areas. So we're quite famous
for encroaching in psychology,
political philosophy, criminology,
anthropology. and economists
like to stake their claim everywhere with
our toolkit. But at the end of the day,
economics is just about decision
-making. In terms of wrong answers, just
before coming here, a student approached
me up in my office and just said, oh, I was
listening to a podcast about inflation. Can
you talk to me about inflation? And I'm like,
I'm not a macroeconomist. I don't study inflation
at all. I study decision-making. You
saw what my research interests are. Nothing
to do with inflation. And my favourite one,
I've taken Ubers a fair bit here. I still
need to buy myself a car. I am putting off
that decision for a number of reasons. I
don't like making big purchasing decisions.
But all the time when I tell them I'm an
economist, they say, oh, can you give me, you
know, investment advice? And for those of you
that are majoring in finance, you know that
I'm probably not the best to give investment
advice. So I just tell them invest in
index funds and move on. So the American
Economics Association, this is the big econ
group in the US, has this broad definition
of what economics is. And that's because,
as I said before, economics likes
to, you know, encroach on a bunch of
questions and areas. But the key thing
here is the study of scarcity, the study of
how people use resources and respond to
incentives or the study of decision making.
So, as you said before, it is a study of
decision making, but decisions only matter
when there's scarcity. Without scarcity,
we don't have any tough decisions
to make. So this is why scarcity
is so important. So scarcity could refer to something like money. Do you choose
to buy a new iPhone or do you
go on a holiday? For some of us,
you know, it can't be both. We've
got to choose one. How do we
make that decision? Even if you are the
richest person in the world, we all
have limited time. There's this guy, Brian
Johnson, who's trying to live forever, but
he hasn't succeeded yet. Well, actually,
technically, he hasn't not succeeded. But we
have limited time, so we've got to make
decisions with our time. So, for example, on
Saturday night, you got invited to a party
or another friend invited you to watch
a movie, you can't choose both. Which
one do you choose? We can evaluate
these decisions in economic frameworks. Brainpower. Knowledge is great,
but our brains are limited. There's only
so much we can know. When I found out I was
moving here, I tried to learn all 50 state
capitals, and there were some really
weird ones out there. I don't know if anyone
knows all 50 off by heart, but if you
do, good for you. But I do know my European
country capitals very well, because I spent
time over there. So you might not be
able to choose both. you got to be selective and
you got to prioritize which knowledge is
most important to you and there could
be multiple factors so do you go to college
or not there are money time and brain power
components there if you take managerial econ
do you take behavioral econ do you take
another subject how do we make decisions and
this is why I really hate the third Harry
Potter movie so has anyone here seen the
Harry Potter movies or read the books a few
people here does this screenshot um you know
trigger anyone's memory does anyone know
what's going on here what's your name there
you're nodding zach can you tell me what's
going on in this scene exactly so i think
scarcity is really important for character
development in novels they face tough decisions
they make a decision something happens as
a consequence that they grow from it so
in this part of the movie harry has this
tough moral decision does he go save his
godfather Sirius Black, or does he save the
Gryphon Buckbeak? In the end, they choose
to save Sirius Black, and a Buckbeak
gets executed. However, Hermione comes back
in the next scene with some bullshit
device called a Time Turner, which allows
him to go back in time and do absolutely
everything, removing scarcity, removing
what I believed was interesting from the
plot. Yeah, they had pretty good actually
time travel laws with a closed loop, etc. But
this really frustrated me, as someone who
thinks decisions are really important.
So this is why I care about scarcity and
why this is my least favourite of the
Harry Potter movies. I also don't like the
name managerial economics. It sounds pretty
bland, if you ask me. When I was told I'm
teaching managerial, I'm like, oh, yeah, I
don't know about that. But looking through
the content, the subject is useful if you have aspirations
of being in a managing position. But
you can trust me, that is definitely useful
if you've got no desire to ever be in
a managing position. So the way I think about
this subject is that it's a more intuition
-focused version of intermediate microeconomics.
So in the econ track, there's probably
more math in the intermediate micro
class. This is more about focusing on intuitions
and economic ideas. And that's a similar
flavour to how we teach these ideas in MBA
courses for postcards. So once again, we care
about decision-making. How and why do people
make certain decisions in certain contexts?
And importantly, when people have
these reasons to make certain decisions
in large groups, How does this impact
broader society? What happens in markets?
What happens in strategic interactions,
in equilibrium? We can learn a lot
about these situations. I think an important
note is that we have some pretty unrealistic
assumptions about human behaviour in
economics, particularly everyone is 100%
rational. We have an interesting definition
of rationality as well, but as someone who's a
behavioural economist, I can tell you
that a lot of these assumptions don't hold
up to the empirical evidence. So just keep
that in mind. we use it for ease. Our
modern day models in economics take into
account, I guess, more realistic behavioural
assumptions, but in this foundation course
we're just assuming everyone is rational.
I'll try and bring in some ideas from
behavioural econ so you can see, hey, like
clearly this is not the case, but just a quick
caveat for you all. So we have a bunch of
questions that we can get out of this course
in terms of things we can think about and talk
about from the point of view of a manager,
the managerial economics, but also from
things we care about. So as a manager of a firm,
as a CEO, you might care about purchasing
components or should you develop them at
your own firm? What's better? Should you
specialize in making one type of object or
diversifying into others? When should you do
that? How many units of whatever you're making
should you produce and at what price should you
sell them? Very basic but really important
stuff. How many employees should the firm hire
how should they be compensated and i
think this is a really interesting question
you are all at like the precipice of of um this
way we're nearly at an ai revolution there's
data showing a lot of entry-level jobs are
disappearing the workforce is about to you know
i think change a lot so it's a really
interesting time to think about these questions
and there's a lot of non-traditional firms
we talk about firms making computers making
widgets etc but a lot of jobs these days aren't
traditional in that sense so content
creation for example is a huge industry these
days on twitch instagram tiktok etc do these
same ideas apply to these more i guess novel
firms as well however as you know from my
research agenda these aren't the questions that
i'm interested in but what you're going to
learn in this class will give you the toolkit
to answer other things as well when a market's
the most efficient way of allocating
resources and is this fair so for example price
gouging which is the idea let's say there's
a hurricane that you know hits a part of
the country there's no power so everyone wants
flashlights so you can jack up the price
of flashlights like $100 a flashlight and sell
them and according to economists this would
be an efficient way to allocate resources
but is it fair there's a lot of questions
where there's trade-offs between equity and
efficiency that are worth considering when do
firms or individuals yield market power is
this a bad thing so going back to the AI example
we have a couple of firms right now we've
got open AI and Anthropik kind of battling that
out to see who can be the first to get
degenerative AI what are going to be what
are going to be the consequences of one of
these firms getting that power is this a good or
a bad thing for society these are open questions
we can discuss I mean all of you here
chose go to college why go to college rather
than try and get a job straight out of high
school so I think a really interesting
question to ask is what's your name up here sorry
Christian okay so are you a junior sophomore
you're a sophomore okay so go back to a
couple of years ago before you start here at
Purdue and I give you the following offer so
you can choose either come to Purdue for four
years you don't have to pay for anything
you can attend all the classes you want all
the social events and everything but once you
finish once you graduate you don't get a
degree you don't get a piece of paper or you
can never attend college at Purdue you or
anywhere else but you get your degree and everyone
assumes that you've earned the degree what
would you choose why would you go to college
what's your reasoning for that I mean if you
go into industry and work like with a degree
you won't know what you're doing okay
great that's a great answer does anyone
disagree would anyone take the piece of paper okay
just just for just so people know 75% of other
people in the other class before I said
they'd take the paper. So I think the fact
is that this isn't straightforward. What is
the value of education? Is it that you get
to learn things in class or is it the
piece of paper at the end? This isn't a
straightforward question to answer and we're
going to look at different models like
signaling models versus actually getting value
out of what you're doing to answer some
of these questions. Finally when we
talk about strategic interactions, if another
person acts kindly towards me, should
I act kindly back? So some of you that
have looked into game theory a bit might be
familiar with these types of questions
okay so why are we here what do we want to get
out of the semester and what are our
expectations so how many of you were really
excited to take managerial economics anyone okay
we've got a couple that's great i i
genuinely thought it would be zero had a
couple in the other class as well but we're
being honest the answer is probably very
close to zero so this is a necessary unit
for most of you to take to either complete
your degree. You might be doing a minor in
economics and want to take you know more
exciting subjects in the future like behavioural
economics or all the economics of crime
things like that. So I know you're most
of you aren't here by necessarily choice or
due to being you know uber excited about the
subject. However the good news is there are
plenty of interesting and more importantly
useful concepts for you that we're going
to talk about over the next formats so I think
that's important to know and also I'll
do my best either to deliver the content so
you can obviously pass and do well on the
exam but try my best to present it in an engaging
way it also helps reinforce the keys ideas
behind the assumptions so I mean I don't need
you to write anything down but I just want
you to think about what you want to get
out of the class if it's simply you know pass
never have to do it again that is completely
understandable I get it but if you want
more out of it that's great and always feel
free to tell me what your expectations are
aligning expectations is important all right
so let's talk about the assessments in this
course so unfortunately I am relatively
limited in what kind of assessments I can do
I've got three managerial classes around 250
students and I might be getting one TA for
five hours a week so I can't sit you all essays
because I'd be sitting at home for four
months marking essays so we're going with a
pretty I'd say bland form of assessment but
that also means there's gonna be no tricks
or anything like that if you apply yourself
you do well so it's out of a hundred points so
you can easily figure out what a point is
in terms of the way to grade 20 points to
homework assignments and how you do exams
and we'll talk about the extra credit quizzes
shortly so across the semester there's going
to be seven problem sets or seven homework
assignments I've put the due dates in the
syllabus already you can see they're relatively
well spread out and only your top five
count. So your two lower scores will be dropped
which means each of your scored homeworks
will be four points. The assignments will
be done on Connect. I'm still trying to figure
out the Connect on Brightspace. I've got
a meeting with the company on Wednesday so
I apologize because I know I need to set
that up for the e-book as well. So for those of
you that have purchased it and can't access
it yet, sorry about that. I'll get it up
and running shortly. Each assignment
will have between 10 to 30 questions.
This will be a mix of multiple
choice, fill in the blank, graphene
and short answer. And you have up to
five attempts for each question. So
if you get it right originally, great,
but if you get it wrong, you can
do another attempt and still get 95%
on it. So not very, like, I think a
fairly lenient penalty for
getting something wrong. At the
end of the day, these homework assignments,
the purpose and the incentives behind
them is just to help you keep up to date
with the content and also to just break up
the idea of exams being all 100% of this course,
which I would hate. And I guess we're at
an interesting point where a lot of professors
won't set these types of homeworks and
assignments because you can just put it
into, you know, Claude or GPT and it'll probably
give you the right answer. And I'm aware
that you can do that and I'm actually not
going to place that. But this is really
important for your own understanding. It's
not meant to be there to be a large hurdle
for you, so this is up to you to decide
how you want to do it. Then we're going to
have four exams in total. Only your top
three exam scores count. So you're going to have
three midterms. Each of the midterms will
cover four chapters. I've already described that out in the syllabus. And the final
exam at the end of the semester will
be comprehensive. And once again, due
to these constraints, I don't have the
ability to mark lots of worded answers
they're going to just be multiple choice
questions only I might try and work out
something with grade scope but look it's
going to be a little bit of a battle I'm
not gonna lie so because of this there
are things to consider with the exams and
the reason why I allow drops with exams and
homeworks is as we talked about the college
experience is more than just studying
you have things going on if you have to miss
you know a homework or miss an exam there's
a fail safe there you You know, in these
big classes, if one person gets sick,
it's going to probably spread around. People
might get sick on exam days and have to
miss, you know, an exam or miss a homework. I
don't want to punish you for that. So
that's there as a fail site. But also, there's
a lot of variance for these types of
exams. You might just have a bad day and,
you know, bomb an exam. I don't want that to,
you know, add up to your final grade. So
I'm giving you this ability to have, you
know, one bad outing. So what's the strategy
given all this? so given the final
exam like by definition is going to be harder
than the midterms three times the content
to remember i'd avoid like skipping any of
the midterms and trying to make the most of
it also if you do really well in the
midterms you don't have to sit the final exam if
you don't want to you can start your summer
early or focus on your other units as
well so i think that's pretty strong incentive
to do well on the three midterms but also
keep in mind you can't do any worse by taking
the finals so if you're sitting on like
a 91 in the class and you take the final you
could boost yourself up to a 94 and move
from an A to an A class so other things
to keep in mind there. So I have three dedicated
office hours for this subject I've got
that in the syllabus however if you can't
attend any of them just send me an email
I'm happy to make a time with you outside
of that and I'm hoping to get five hours
from a TA I'm still working that out and
that will allow us to have more office
hours to help you out. You've probably
already heard some of my takes on AI but
I'm a real fence -sitter in this
regard. I think AI can be a brilliant
complement to learning. Everyone has different
learning styles and the YR lecture isn't
gonna you know fit everyone's learning style
but with AI resources I just think there's
so much opportunity for people to maximize
you know how they you know go about these
classes and learning so So, if you have
tools that you use that you think can
enhance your learning experience, please use
them. Whether they be in class, using something
like Coconut, or at home, using things
like Claw, GPT, etc. I think they're going
to be really good, especially for this
subject, because at the end of the day, this
is very similar to Intermediate Micro. And
there's so much content out there that the LLMs
will be great at it. Also, there's a ton
of stuff on YouTube if you're a visual
learner and prefer that way. And
there'll be blog posts and worksheets and
stuff online as well. So, the e-book
in this course actually has its own AI. If you read a
paragraph or a working problem in the book and
you don't understand it, you can highlight
it, and I've allowed the AI on
this book to work, so it should help break
it down for you. I don't know if it's
going to be any good, so you all can let me
know if it's any good, but I do suspect the
more powerful models will actually be better
in this situation, but you can test that
out and let me know. So you do need to
get access to connect and purchase the
smart book. As I said, I still need to
set that up. That's how we're going to
do the assignments and everything, so
that's necessary. And unfortunately, this
only comes with the e-book. They don't
actually give you the textbook in person
anymore, which I think kind of sucks. I prefer
reading books by hand than online, but I'll try
and find cheap versions of second-hand copies
or something for you if you prefer to
read that way as well. So for this course,
essentially, you've got an abundance of resources
at your disposal and don't hesitate to
use them. And don't feel bad about bothering
me. I'm getting paid to help you out. So
use me as a resource. All right, so let's
talk about attendance. I don't believe in
compulsory attendance. You're all adults.
You're making decisions. Economics is about
decision making. Your time is scarce if
you don't think it's beneficial for you to
come to class and don't come to class.
however i will highly recommend that if you
want to do well you should come to class and this
is based on evidence so this is a paper from
the american economic review insights 2024
the aer is a top five economic journal and
this is a subsidiary of that it's a pretty
good journal and this was an experiment run
back in 2020 and this was during you know
the covid days and what they did in the fall of
2020 is they randomized 551 students and
required introductory econ course across 12
different instructors to either an online
or in-person class. And what they
found was final grades for online
students dropped by 0.215 standard
deviations, a result apparent in
both assignments and exams. So if you
want to stay at home and look at the boiler
class, which I will be posting, I want
to give you all the materials you possibly
can to succeed, yeah, you can
probably get by, but you're
probably going to do worse based
on the evidence. If you're doing worse
in online learning, they're not coming
to class, you're probably going to
do even worse by not coming to class. So
keep that in mind. The other thing
I want to talk about is laptops
and phones. So laptops and phones
are going to be like needed for some of the
activities that we're going to do, especially
the extra credit quizzes. If you don't
have access to it, to any of that, let me know
after class and I can sort something out
for you in the future. However, because
classes will be recorded via boiler cast, I think
it's easy to revise content and I recommend
just paying attention in class. So I'm not
going to ban anything but there is a lot
of evidence showing that laptops and phones
can negatively affect attention which
negatively affects your scores in this class as
well as actually your wages. So this is a
paper on laptops, once again it was a randomized
controlled trial, an experiment to try
and get these causal relationships and in some
classes they randomly banned laptops and
others they allowed them. They found that
average final exam scores among students
assigned to classrooms that allowed the computers
was 0.18 standard deviations lower than
exam scores of students in classrooms that
prohibited computers. So computers are great
they have a lot of value and you may be
following along but it's just so easy to
go on to Amazon or go on to Twitter or
anything like that then you miss 10
minutes of content get a couple of questions
wrong on the exam and yeah it's perfectly
natural but if you feel like you'll learn
better with laptops, that's great. I'll
allow it as well. Phones, on the
other hand, I think are really
interesting. Does anyone know
who Jonathan Haidt is, by
any chance? Does that name ring a
bell to anyone? He's a psychologist and political philosopher. He's famous for
doing work on the different
moral values that different people
in political camps have, so Democrats
and Republicans. But his newest
thing is going on a crusade to ban
phones in schools. And his evidence isn't
great, but there's been a lot of recent
evidence coming out that show in
how destructive and harmful phones are,
not only to yourself and your own learning,
but to others. So this is from
administrative data in a university in China,
where they were able to track how much
people use their phones and their dorms
in class, et cetera. They were able to use
random events, like the release of a new
game to see spikes in the app and how that
affected scores in the near future. and what
they found was app usage is contagious a
one standard deviation increase in roommates
in college app usage raises your own usage
by 5.8% see the person in class next to you
on your phone or on their laptop you're
probably slightly more likely to get onto
yours as well and importantly they found
that high app usage is harmful across all
measured outcomes a one standard deviation increase
in app usage reduces GPAs by 36.2% in a
within cohort major and lowers wages once
you enter into the workforce by 2.3%. So
essentially, this means people are probably
getting worse jobs out of school the more
they use their phones. And look, I'm a little
bit of a hypocrite. I'm someone who lies
in bed at night and is scrolling Twitter
and TikTok and I really shouldn't be. I know
how addictive these things can be. You can
do what you want. I just wanted to give
you some evidence of ways to maximise your
success in this class. Okay. So I'm going
to offer extra credit in these classes. So at the end of every
topic, which will have 12, there's
going to be a short in-class Kahoot
quiz, so an online interactive quiz with
five or six questions. For each question
that you get wrong, you still get half
a point, and you get one point for
a correct answer. And if you miss a
quiz, your score will obviously be
zero for that quiz. So out of the 12
quizzes, we'll only count your
nine higher scores. Your three lowest
will be dropped. If you have to
miss classes, then this is once again a fail-safe for that. and this is how extra
credit is going to work so if on the quizzes
at the end you score 50% or more this should
be inclusive of 50 % you get one point of
extra credit to break that down you could
get every single answer wrong but as long as
you do online quizzes you still get one point
of extra credit so just by rocking up the
class and doing the quizzes get a point
of extra credit if you get 75% or more you
get two points this is essentially the same as
I think getting around half of the questions
correct once again they're not hard questions
they're just meant to be there to help
summarize and in my previous class it was a
different you know course but the majority of
people who rocked up to class got the two
points however this semester I've introduced
three points of extra credit and if you
score more than 90% on the quizzes 90% or
more you get all three points and the reason
why I included that is some people got the 75
% threshold with like four quizzes left and
they just decided they didn't haven't sent
it to rock up to class anymore so for those
high achievers I wanted to take a little bit
of an extra carrot out there for you as well
once again this actually shouldn't be that
hard to get if you pay attention in class
these you know quizzes aren't going to be
brain busters and I'm actually going to do
the first one now this one's not for points
but more importantly the points the winner of
each quiz will get a choice between a prize
so I'm going to really lean into the Australian
bit here and you can choose a little
kangaroo and koala or you can choose a chocolate
bar or a candy bar as you all call it
here so for for cahoots if you haven't done
them before um download the app now or or you
know get on the website you get points for
the right answer but also for how quickly
you get the right answer so for this one here
because there's no actual marks associated
with it i recommend going as quick as you
can it's going to be a bit of a battle to get
the first place but in the future veracity
is more important here so for the future
don't worry try and get the right answer rather
than speed and you have like 20 seconds to
get each one make sure you put in your Purdue
ID the 10 number ID that you have that's
how I can give you the the extra credit marks
if you don't do that when I upload it it
won't work and I'm not going to go back and
check if you've written your name by accident
or anything like that so this is your
one warning for that and the the content for
this one is some stuff we already just talked
about today we'll see how much attention
people are paying while people are logging
in does anyone have any questions
about the the syllabus
the assessments now it's probably
a great time to ask while we wait for
everyone to log in just just the the
10 letter the the 10 number id so what
people are doing here is great uh 10 one i i i
saw a 10 one here it's fine now but in the
future put the the the 10 number ids you
can see others are doing here so yeah
that's how I'll be able to give you the extra
credit scores yeah number one I'm
not made of prizes this is coming out
my own bank account yeah there's only
so many you know kangaroos and koalas
in Australia all right great we still waiting
on anyone all right brilliant all right
let's get started duplicate I've got
three classes gonna make a different
one for each one How many points
do you get for an incorrect answer in
the Kahoot quizzes? 0, 0.5, 1, or 1
billion points? Okay, we've got
a lot of people click on the
trigger there. Oh yeah, most people
got that correct. Remember, the
eight of you who got it wrong, you
would have still got 0.5 points for
this, not zero. Okay, we've got a lot
of people at the top bunch. This
is why speed's so important for this
one in particular. if you score
90% or more in Kahoot quizzes
you get 3 extra credit points
true or false and it's always better
just to answer than not answer
because of the 0.5 points you get
for a wrong answer hey brilliant most
people got that right we're all paying
attention great for the first class ok
we've got a new leader I'll do more commentary
for the other one which NFL team is
Professor Grodek a fan of? the Indianapolis Colts
the South Central Louisiana State Mud
Dogs the Cincinnati Bengals, or the
Baltimore Ravens? Hey, most people
got that right. The two people who said Cincinnati both
failed this course. The penultimate question, which of these
topics does Professor Grodek not conduct
research on? Altruism, intergenerational
cooperation, inflation trends,
repugnant markets. Great, most people
were paying attention there. the little
inflation story might have helped a little bit
as well okay let's see who's in the lead
right now who is our cowboy frog cowboy frog
what's your name evan do you think you're
going to hold on to the last question no give
me your confidence rating between zero
and 100 how likely are you to win 70 that's
pretty high for someone who's not comfortable
okay let's see how it plays out which
city am i originally from melbourne sydney
exeter or oxford Evan, how do you
think you went? You think you won
up to 95% now? I guess we'll
find out. Okay, yeah, I am
from Melbourne. Let's see if Evan held on. Evan,
congratulations. You can come down
and choose a prize. You can take the
koala and kangaroo, or you can take one of
the chocolate bars. So these quizzes
will usually be six questions. Obviously,
they're not going to be like questions
about me. They're going to be about the
topic at hand, just basic summary questions
for the most part. I'll probably throw
in a curveball every now and
again because I can be a bit of an
arsehole like that But they're meant
to be there for you to have a
little bit of fun at the end get some
extra credit and hopefully you can
take both Evan Yeah, yeah, yeah,
yeah, one of each Yeah, that's
all I have for today feel free
to come up and ask questions after
I've got time But it was a
pleasure to meet you all and
hopefully I see you all in class on
Wednesday How did you end up
becoming a Ravens fan? That's a great question.
I started watching NFL in like 2008,
like just randomly, and it's only two
years to pick a team. And I looked into it
a lot, and the things that stuck out to me
was I just loved how they were named after
the Mitch Allen Poe poem. And also, I only
owned one jersey, it was an Ed Reed jersey.
I was absolutely loving Ed Reed. That's
a good jersey. Yeah. And unfortunately, I'm also a Ravens
fan. Oh, yeah, man, rough season.
Tough to watch. What do you think about
the Fire in a Papa? I talked to my
friends a lot about it. I think it was
a good decision. I needed to make a
change as a team. But also, I didn't
want to lose Lamar. Yeah, no, if
it was one or the others,
definitely Lamar. Yeah, I was just
curious. Yeah, no worries. Are you
from Baltimore? I used to live in
Maryland. So I lived in Salisbury for three
years. But I live in Indiana. Oh, nice to
meet you. What was your name, sir? Ivo.
Nice to meet you. Hey, how's it going? Good,
how are you? I'm good. What's your name,
sir? Aslan. Aslan? Nice to meet
you. Question. What example will
be, I did have a chance to go over
the content, but what kind of topics will
we go to throughout the semester? Yeah,
so we're going to start with just
a rehash of the supply and demand and
market efficiency. We're going to
look at essentially rationality in economics, how consumers
make decisions. We're going to spend
a few weeks on the production process, how
to maximize profits as a firm in different
types of markets as well. so this is your fully
competitive markets, monopolies, monopolies,
and competition, then probably the
last third of the course is more going
to be game theory oriented, so strategic
interactions as well. Yeah, so I don't know
what courses you've taken in the past,
but... Like micro, micro. Okay, yeah,
the basics. So this just builds upon
what you've worked so far. Yeah, and I
love the enthusiasm. I know, I love
the advice, right? Thank you. Have a
good one. You too. How's it going?
What's your name? Jack. Nice to
meet you, Jack. I'm obviously not a
bit... I'm not a bit, or not obviously, but
like you said, I'm not an econ. No one in
your class is an econ major, so you're
fitting right in. Yeah, no, I'm a space major.
I haven't done any econ since high school.
Okay. So you got your credits for the...
Macro, micro, yeah, yeah, so I'm just,
this fills my minor. Okay. Because I do,
I'm interested in business econ, this
is my first one. I was wondering what, if there's anything
I should go re-study before the start of the
class or go re-learn from, like, into the
macro, micro. yeah so like you know you can
do really well in class a few years ago and
it's easy to like forget things yeah so it's
kind of rehashing knowledge of the first
like a couple of weeks so I'm gonna take it quite
slowly and if you're struggling come see
me I can help you out yeah oh and then
after the 90% thing on Quizlet if I miss class
is that like is that a zero percent zero but
maybe you can be sorry okay yes your lowest
three scores are dropped yeah basically
we have three free class to go if we want the
credits Yeah, all right. Yeah, exactly. Thanks
for firing purple. Yeah, no, I'm not a
Giants fan. Do you think they're gonna hire
him? I really want us to. Okay. Well, enjoy.
Yeah. I mean, better than Dayball, I guess.
Yeah, Dayball. I honestly didn't think Dayball
was the problem at all. So, I feel like
he was a really good O .C. in Buffalo, but,
like, there's a lot of O.C.'s that just aren't
crack head coaches. Yeah. He'd run Daniel
Jones way too much. Like, he was the
fastest quarterback in the NFL. Yeah, but like,
you've got to protect your quarterback.
No, I know, I just, I don't know, everyone
would complain about it. I don't know
what you would have wanted, anyone would
have wanted him to do this season when
the whole team's hurt. That's true.
Like people think about neighbors and the
scat going down, but our whole secondary
was injured too. Yeah. So that explains our
terrible defense. And the most important
thing for you this year is just
to see if you had someone quarterback.
Yeah, we do, Dart's great. And then for
like scrambling, Dart just won't
slide, that's not a coaching issue,
that's a Dart issue. yeah my dad's actually
really one of his best friends from Philly
my dad's from Philly he's a die-hard Eagles
fan yeah so that one of his friends yeah and
got him to all pitch in uh to every time
my dad went away on business which was constant
yeah to send my mom like a bunch of giants
that's hilarious and she thought it was
hilarious too how does you feel about well he
lost his shit so the first time he came back
and saw it you know he comes back and i'm
like in the giants ones you know i'm like
hilarious one maybe yeah the rooms giant sheets
and pillows you grab it all and throw it out
as soon as you just get rid of it call his
friends cuss him out when he figured out so
your friends must his friends must love that
you're like a hardcore yeah yeah yeah so then
and then he leaves for business they do it
again yeah again again for five years straight
of having to buy news cuz he throw it
out every time yeah and then I'm like what five
six like understanding what football and
sports and I can watch a TV and get it yeah
and I'm watching we win the Super Bowl yeah
yeah oh my god this is amazing which one that
like so it's super cool yeah and then it
was like Victor Cruz Eli Manning oh my god yeah
so that I was just done and yeah it walked
in so now me and my dad that's kind of fun
so it's fun but like it I mean he hates it
yeah it's pretty I mean I called him yesterday
and cussed him out no I told him like that
he he was so because I know whenever whenever
the Eagles are on he goes in his room, locks
the door, and just Oh, I'm the same.
I can't watch games without the people.
No, he zeroes it out because he knows that
he's sitting with me, too. I'm going
to, yeah, chirp him. So, like, when the
Eagles were in the Super Bowl and we had
a Super Bowl watch part of our house and
the whole family comes over, he stayed in
his room upstairs the entire night,
didn't talk to anyone. You know what? I can
respect that. And then when they win, when
they won, he ran downstairs and freaked
out. So, yeah, it's going to be fun. I'm
excited for class. Oh, all right. It's
great to meet you. All the best. Great to
meet you, too. Very eager for class, rocking out about 20
minutes early. My class right before
this is like 12 minutes away. Oh,
really? Yeah, but it got out today after
20 minutes. Okay. Yeah, yeah.
We finished up 20 minutes early as well. Yeah. So it's going
to be more of a sprint for you
in future weeks. Yeah. Where is your
other class? Is it in the Kranit
area? Yeah, it's the forestry
building. Okay. I have a marketing
class in there. Yeah, I don't know
why, but yeah. I mean, it's not
too bad if I hit the walk signs, but
when I'm waiting, that's where you
go. Yeah, yeah. Can't you go
underground, though, and avoid the walk
signs? Because that intersection's a really
long intersection. Yeah, I think if I
figured out where to enter now, I'd
probably go, yeah. So did you all get
stuck with this time slot, or do you
have a preference for the 4.30 one?
You got stuck? it could be worse I
was forced to teach at 730 a.m. class last
semester and I told them my preferences I
don't care what day it is just nothing before
10 a.m. please so you're lucky that we
have the 430 not the 730 because that
likes like for me that sucks but for you guys
like I felt so bad that people would you
know sometimes not go out the night before
because we had something on in class the next
day it's like ruins the college experience
a little bit yeah But yeah, full 30
is pretty light.